In this study, at first the dynamic capabilities, path dependence, and the studies that deal with the real options one by one, and then other studies that these concepts are considered together, have been examined. As a result of this literature review, a model that is based on the relationship between these concepts is proposed. The model that examines the relationship among these three concepts is quite a unique model of strategic management literature study. This proposed model has been tested by observing the realized works in one of the leading companies in Turkey and in the world.